Tuesday, January 31, 2017

New Bank: Fund american promises to keep management team and to involve national investors – the Public.en

The Lone Star, the Bank of Portugal (BdP), has selected to further negotiations with a view to the sale of the New Bank, already did know that, if you purchase a institution, it will keep António Ramalho to the front of the executive committee.

continuity in the New Bank of a Portuguese management headed by António Ramalho is one of the commitments already made by the u.s. fund with the BdP and the Government. But there are others. In addition to agreeing to preserve the integrity of the New Bank, the Lone Star opened the door to the involvement in the transaction of investors of Portuguese origin, which made in the framework of the contacts that are on-going from four in January.

it Was on this date that the Governor of the Bank of Portugal, Carlos Costa, concluded that "the entity best placed to finish with success" buying process "of the shares of the New Bank" was the Lone Star, which invited "to a deepening of the negotiations".

Hours after the supervisor has decided, the Government has clarified that the operation can not foresee state guarantees not have an impact on taxpayers. And so it was that the prime minister António Costa has traced the red lines of the negotiation.

And this is one of the central points of the dialogue that is going between the u.s. investor and the BdP, and that, in all likelihood, will bring in the next few days to Lisbon, Olivier Brahin, responsible for the european operations of Lone Star (that stands out in Portugal as an owner of shopping centers and real estate).

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An initiative that arises in the second round of the jobs that are held between the two representatives of the fund, Kamdiv Nourbakhsh and Benjamin Dickgiesses, and the team of Sergio Monteiro, charge by the BdP put the New Bank in the private sphere. Movements that intensified in the last few days and aimed at introducing improvements to the initial proposal of the Lone Star that consisted of a counter-guarantee from the Portuguese State on about 2000 to 2500 million euros of assets. Which translates into a protection (insurance) against the possible losses (around 25%) of the portfolio of assets problematic of the New Bank (very real estate) and whose value is pointed ranges between 8.500 million and 14 billion. This is a condition that the Lone Star will have to drop if you want to stay with the third-largest Portuguese bank. And it is, also, a critical point, because to dispense with the endorsement of the state the Lone Star (such as any fund) will have to find a solution tha t is convincing the investment committee that the risk that it will accept is bearable. And that the assets in the New Bank is reliable.

in fact, it is known that in the last days the BdP and the New Bank have been inundated by requests for clarification and new information and that they came mainly from the Lone Star. Also, in the background the Apollo [owner of Tranquility], who arrived late to the contest, has been doing a due diligence to the New Database.

As a potential candidate continues the China Minshneg, given how almost deleted for having been unable to provide a proof that you have funds to invest in the New Bank. This may, however, have used the waiting time to re-position. To be successful, you not only have to ensure that you have the money available to pay to the Fund Resolution, the owner of the New Bank. You must especially be able to convince the ECB, given that the european regulator had already raised doubts about the sale of the institution to the vehicle chinese.


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